Top headlines: Swiggy becomes decacorn; Axis Bank's Q3 net profit surges

Business Standard brings you the top headlines on Monday

Swiggy becomes decacorn, valuation crosses $10.7 bn in new funding round

SoftBank-backed Swiggy doubled its valuation to $10.7 billion in its latest funding round, two people familiar with the matter said, as booming demand for quick delivery of food and grocery in India drives up investments in the sector.

The food-delivery firm said on Monday it had raised $700 million in the fundraise that was led by U.S. investment firm Invesco and also included Baron Capital Group, Sumeru Venture, IIFL and Kotak. Existing investors Alpha Wave Global and Qatar Investment Authority also took part in the round. Read more

Axis Bank Q3 results: Net profit soars 224% to Rs 3,614 cr

Private lender Axis Bank on Monday reported 224% jump in standalone net profit at Rs 3,614 crore for the quarter ending December 31, 2021 on strong growth performance across deposits and loans, improving asset quality. The lender reported net profit of Rs 1,117 crore in the year-ago period.

The bank’s net interest income (NII) grew 17% YOY to Rs 8,653 crore. Read more

BJP to contest 65 seats in Punjab, ally Amarinder's party to contest 37

The BJP in Punjab will contest on 65 assembly seats, the Punjab Lok Congress on 37 seats and the SAD (Sanyukt) on 17 seats, BJP chief JP Nadda said on Monday as he announced the seat sharing agreement between his party and its allies for the February 20 state polls.

Hailing Punjab as a "leader", especially in defence and food security of the country, he said, "Today Punjab needs special attention, it needs a double engine government and a better coordination between the Centre and the state." Read more

Global shares shudder as possible Russian attack on Ukraine grips investors

Shares across the world fell on Monday as the prospect of a Russian attack on Ukraine quashed demand for riskier assets, bolstering the dollar, buoying oil and bruising bitcoin.

The US State Department said on Sunday it was ordering diplomats' family members to leave Ukraine in one of the clearest signs yet that American officials are bracing for an aggressive Russian move in the region. Read more